The unfortunate reality is that we are having this conversation. This conversation should have never had to happen.
The block time is 40 seconds ... who thought that was a good idea -- its one of the shortest out there.
420,000,000 coins ... again .... who thought that was a good idea 00 one of the largest out there.
420,000,000 coins is more than LTC, DRK and VTC -- all of which I find pretty solid and reputable -- POT is larger than all of them combined !!!! So lots of bad choices were made at the beginning for sake of novelty and the use of 420 ?? At this point water long under the bridge.
How does it get back on track ..... and can it get back on track? There are a finite set of possibilities and options.
IDEAS:
- Increase blocktime to 80 seconds 2x
Halve the reward to 210
Get radical change the reward to 42 instead of 420
Do some combniation of the above
Some of the above will deter the miners a bit. That's OK .... slow things down a bit. In the end .. adoption is EVERYTHING .... miners and trading is not the end game we need to be playing. But in order to keep playing, and in order to provide time for adoption, the coin has to serve miners too and give hope for it growing into what it hope to be.
Well said!
The novelty of the number rings true in my mind. Not that it isn't fixable, just having these things for the sake of 420, it is cute and all, but meehhh. I think the devs have mad progress, and i would love to go to my local dispensaries and try to convince them on the merits of accepting potcoin, if there were any to be found in PA. The other interesting thing affecting utility is how limited the market is. Targeting head shops and shit for the time being as those markets are much farther reaching, but it isn't borocoin, it is potcoin.
When i got into the coin i planned for the long term. Unlike a lot of coins out there, if you like the dev or not, he is active, and i can only believe what he says to be true. He hasn't lied about anything. Embellishments are a little different.
I have not been mining the coin, i only have 3 750ti cards and with the difficulty of 20 it doesn't get me anything, i am better off mining other coins to sell and trade for potcoin. That being said if the difficulty drops low enough i won't have an issue turning my cards over to mine me some potcoin. I still have faith that as long as the devs keep working at this stuff, he said he did quit his job to do this
that things will be alright. Please, please, please, please don't start thinking about changing the algorithm because you're scared of ASICs. Unless you're going to develop your own algorithm, most of the ones out right now will be able to be ASIC mined come Q3/Q4.
However, you could always play this out to your advantage for the next few months, and the foreseeable future, by changing the algo right now. That would probably drive a good percentage of your miners away, and drop the total net hash rate. Thereby extending your mining time for a little bit and save you from the big, bad ASICs... until of course they came out with one that did that algorithm.
TLDR version:
Extend the block time and up the difficulty. It's less drastic, and kills two birds with one stone- multipools and mining depletion.
-Fuse
(I know I said I'd keep my mouth shut, but I'm a glutton for punishment)
I completely agree with you on the not changing algo out of fear of asics. It was silly when it was first mentioned waaayyy back when and just as silly now.
There wouldn't be an issue in my mind about extending times. That is, until the use of crypto is so prevalent that people have devised clever and easy ways to cheat the system, making it so the merchants want faster validation times due to them being screwed so often in the past. Long long way before we get there though i think. You know cutting the reward or jacking up the difficulty is the same thing though. Either it takes you twice as long to find a block or you get half the reward for finding the block just as fast. Half dozen of one, six of the other? Yeah, you can control the flow a little better by adjusting difficulty, but it seems like that would be much more intense to code and stuff, much more thought and testing required, just changing the block reward seems like it would be a little easier. I could be wrong though.
But what is the difference between the two, halving and upping the difficulty, now i am curious.